Reply to Anyone at $330K HHI have a mortgage that is $4900/month (37% of net pay / 17% of gross)?

Forum Index » Money and Finances

Reply to "Anyone at $330K HHI have a mortgage that is $4900/month (37% of net pay / 17% of gross)?"

Subject:

Emoticons





More smilies

Text Color: Font: Close Marks

[quote=Anonymous]We currently have a small dated home for which our mortgage is $360K – montly payment of $2300/month (17% of net and 8% of gross).  We like having a low house payment, but we really don’t like our house, and have been hoping to move for about 5 years.  We’ve done cosmetic touch-ups but it’s still not great for 2 adults and 3 kids.  It would take a substantial investment to make it nicer, and we don't love the house enough to want to enhance it that much.

We are in the market for a bigger home.  With an HHI of $330K, we are thinking of buying a home where our mortgage would be $850K – which would be 37% of net pay (and 17% of gross pay).

Our jobs are stable, assuming we do the work.  One of us is a federal employee making the top amount ($157,000).

We figure that, if we buy the larger home, we would have space to host an au pair. Our child-care costs would go down by about half. (We currently pay our nanny $50,000/year.)  Our youngest is entering public kindergarten in the fall.

We are willing to cut expenses (vacations, kids’ activities, and eating out) to get into a bigger house.  (Maybe we wouldn’t mind hanging out in our house?  As it is, we try to get out and about as much as possible.)  Has anyone cut your budget a lot to afford a bigger or nicer home, and not regretted it?

Is there anyone paying 17% or gross (or 37% of net) and have 3 kids and not feel very stretched?

Thank you!

P.S.  I have seen these other threads about mortgages for people earning approximately $350K

http://www.dcurbanmom.com/jforum/posts/list/219419.page

http://www.dcurbanmom.com/jforum/posts/list/422786.page#5954720

http://www.dcurbanmom.com/jforum/posts/list/30/411919.page#5960694
[/quote]

Options

	Disable HTML in this message
	Disable BB Code in this message
	Disable smilies in this message

Review message

Search Recent Topics Hottest Topics